Alcoholic Beverages · UBBL
Alcoholic Beverages
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UBBL is well positioned to deliver sustained growth driven by tailwinds in key markets, premium mix improvement, ~50% market leadership and capacity-led distribution expansion. Structural cost efficiencies and operating leverage are expected to support ~28% Net Income CAGR over FY26–FY29E.
United Breweries reported 7% YoY revenue growth driven by 9% volume growth, while EBITDA margin declined 160bp YoY to 9.2%. Given rich valuations and lingering cost headwinds, we maintain our Neutral stance on the stock with a TP of INR1,400.
United Breweries reported Q1FY27 net revenue up 7% YoY, in line with estimates, while EBITDA was down 9% YoY but ahead of estimates. Healthy overall volumes and free operating cash flow growth underpinned by working capital discipline lead to a maintained 'BUY' rating.
United Breweries reported 7% YoY revenue growth driven by 9% volume growth, while EBITDA margin declined 160bp YoY to 9.2%. Given rich valuations and lingering cost headwinds, we maintain our Neutral stance on the stock with a TP of INR1,400.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
